Good morning, everyone, and
welcome to Tuesday morning.. It's Stephen Whiteside
here from TheUpTrend.. om.. In the pre-market this morning,
things are fairly quiet.. Stock index futures are trading
a little below fair value.. Commodities are mixed with crude oil flat,. while gold is slightly higher
on Tuesday morning.. Now, this is an extremely
busy week for the market.. We've got a Fed meeting starting today.. We've got lots of earnings coming out, and. we also have lots of
economic numbers coming out.. So it could certainly end
up being a volatile week.. Now, historically, we are
coming into month end.. Usually has a bullish bias to it, but that. just might not be the case this
week with all that's going on.. Now, moving on to the Canadian market.. The TSX is trading up at the top of the
panic zones right now, and this is a very. high-risk time to be putting
new money into the market.. But we are on a short-term buy signal.. We saw some weakness recently.. Our chart, which is designed for swing. traders, our right-side chart,
currently on a buy signal.. That would change on Tuesday
with a close below 20,902.. Now, in our database, we also have a. midterm chart, which is more designed for
position traders, and it certainly gives. the market a little more room
to breathe down towards 20,600.. We'll be watching these charts closely. over the next few weeks to see if
we do get any new sell signals.. But right now, the market
is still pointing higher.. We've got the TSX on a buy signal, the
TSX-60, mid-caps, small caps, but. unfortunately, micro-caps
haven't caught up yet.. That could certainly happen on Tuesday.. What worked, what didn't work on Monday?. Well, Infotex, just like in the US, led. the market higher while energy
stocks were down on the day.. That's crazy because if you were watching
the news yesterday, there's a lot. happening in the Middle
East and not all good.. We did see a new high for this move
for crude oil before reversing.. Now, it reversed but didn't close below. the previous day's low, so not
as bad as it could have been.. The first sign, something new, of course,. is if we close below the
previous day's low on any chart.. Looking for a move up to 81.25 this week,. which would take us back up to
what was support back in October.. And then from there we would expect to. move up to 87.50. That is not
happening on Tuesday morning.. Now, looking at the HOU, the Leveraged
ETF, it had an inside day yesterday.. And then looking at energy stocks, the XEG. also had an inside day on Monday,
so no change in trend for those.. Suncor closed down slightly yesterday.. Canadian Natural Resources has been in the
channel for the last three days, so. certainly the possibility of a sell signal
on Tuesday with a close below 84.93.. Now, we're not expecting a trend change
for Whitecap or Bayex or Cenovus .. They're all holding up fairly well.. And then moving on to technology stocks.. This is where all the
money made on Monday.. A new high for the index,
new high for the XIT ETF.. Then we've got Celestica making
a new closing high yesterday.. We had Shopify up over 2%.. Then we've got Bitfarm's
back on a buy signal there.. A new high for Constellation
software, new high for CGI.. Then we've got Dye & Durham back on
a buy signal as of Monday's close.. New high for Enghouse here.. And We've got Lightspeed back on
a buy signal as of Monday's close.. Then we're looking at Open Text
making a new closing high yesterday.. What didn't work, unfortunately, the most
followed stock on the stock house. billboards, Pyrogenesis, is on its second
day of a sell signal, so no joy there.. Okay, folks, that's all I
wanted to cover this morning.. The winners in the tech sector,. unfortunately, the losers yesterday,
and not by much less than 1%.. That was the energy sector, and hopefully,
things can turn around. for that sector, which is still on
a buy signal at the present time.. Have a great day, folks.. Next time you'll hear my
voice is on Wednesday morning.. Morning..